The Company uses a conservative approach to leverage and believes that a comfortable net debt/EBITDA ratio should be below 2x. As at 31 December 2025, the Company’s leverage was comfortable, with the net debt/EBITDA ratio standing at 1.82х.
When determining its borrowing requirements, the Company assesses the cost of borrowing from banks and public debt markets, the amount and maturity available while striving to ensure that this fits into the Group’s long‑term debt reduction strategy. The choice of the currency of borrowings is based on the availability of currencies and the structure of the Company’s revenue, with almost 72% of total amount denominated in foreign currency in 2025.
In line with the investment policy designed to meet PhosAgro’s investor obligations and strengthen its investment case, the investment budget shall not exceed 50% of planned EBITDA.
One of the events after the reporting date that had an impact on the Company’s debt profile was the January 2025 redemption of the USD 500 mln Eurobond issue. This redemption was executed in full across both the Russian perimeter and outside of it.
The record high capital investments and charitable expenses in 2025 did not affect the Company’s leverage, which remained comfortably below the net debt/EBITDA target.
Eurobonds
ISIN
XS2384719402
Borrower
PJSC PhosAgro
Issuer
PhosAgro Bond Funding Limited
Currency
USD
Offering date
16 September 2021
Maturity date
16 September 2028
Issue value, USD mln
500
Including replacement bonds, USD mln
RU000A106G56 383.470
RUB‑denominated exchange bonds
ISIN
RU000A106516
RU000A109К40
RU000A10A4S7
Series
BO‑P01
BO‑P02
BO‑02‑01
Issuer
PJSC PhosAgro
PJSC PhosAgro
PJSC PhosAgro
Currency
RUB
RUB
RUB
Offering date
21 April 2023
18 September 2024
22 November 2024
Maturity date
17 April 2026
8 September 2026
12 November 2026
Coupon rate
9.4%
Key rate +
1.10%
Key rate + 2.00%
Coupon payments
Semi‑annual
Monthly
Monthly
Issue value, RUBmln
20,000
35,000
30,371.791
CNY‑denominated exchange bonds
ISIN
RU000A1063Z5
RU000A10AXK9
Series
BO‑P01‑CNY
BO‑02‑02
Issuer
PJSC PhosAgro
PJSC PhosAgro
Currency
CNY
CNY
Offering date
13 April 2023
18 February 2025
Maturity date
9 April 2026
12 August 2026
Coupon rate
China Loan Prime Rate (LPR 1Y) +1.2%
10.4%
Coupon payments
91 days
Monthly
Issue value, CNY mln
2,000
1,000
USD‑denominated exchange bonds
ISIN
RU000A108LP2
RU000A10CZ68
RU000A10B7J8
Series
BO‑P01‑USD
BO‑02‑04
BO‑02‑03
Issuer
PJSC PhosAgro
PJSC PhosAgro
PJSC PhosAgro
Currency
USD
USD
USD
Offering date
6 June 2024
2 October 2025
1 April 2025
Maturity date
31 May 2029
12 October 2028
18 September 2027
Coupon rate
6.25%
7.0%
7.5%
Coupon payments
91 days
Monthly
Monthly
Issue value, USD mln
100
250
642.2
During 2025, we placed three bond issues that drew considerable interest from institutional and private investors alike.
In February, we issued bonds worth CNY 1 bln with a 10.4% per annum coupon. Robust investor demand enabled three successive reductions from the initial 11.00% per annum coupon guidance. This placement represented a milestone for PhosAgro: despite prevailing market conditions, we secured financing on favourable terms, demonstrating the Company’s resilience and our financial strategy’s effectiveness.
In March, we successfully closed the order book for USD‑denominated bonds settled in Russian roubles. We set the issue volume at USD 250 mln with a 2.5‑year tenor and a fixed 7.50% per annum coupon.
The book‑building process delivered the lowest coupon rate among all foreign currency‑denominated bond placements on the Russian primary bond market since early 2025.
The Company’s strong creditworthiness – reflected in top‑tier ratings from leading Russian agencies (AAA, at the country ceiling) – enables us to execute transactions that are unique in the Russian public debt market. These include placing USD‑denominated bonds settled in roubles to replace repurchased RUB‑denominated bonds.
We completed one such transaction in June 2025, raising the equivalent of USD 400 mln at a 6.53% per annum coupon. This represented the lowest coupon rate among all foreign currency placements on the Russian primary bond market year‑to‑date.
In October, we placed our second USD‑denominated bond issue of 2025 with rouble settlements in the local market. We increased the issue volume from USD 200 mln to USD 250 mln while reducing the initial coupon rate guidance by 25 bps to 7.0%. This transaction supports our debt policy of securing foreign currency financing and enables us to borrow against foreign currency revenues. We will use the proceeds to refinance existing debt, and the substantially lower coupon rate versus rouble borrowing costs will reduce interest payments across the Group’s debt portfolio.
In January 2025, the Company redeemed its USD 500 mln Eurobond issue. This redemption was executed in full across both the Russian perimeter and outside of it.
